Norges Bank Purchases Shares of 1,515,590 BellRing Brands, Inc. (NYSE:BRBR)

Norges Bank bought a new position in shares of BellRing Brands, Inc. (NYSE:BRBR) in the 4th quarter, Holdings Channel.com reports. The firm bought 1,515,590 shares of the company’s stock, valued at approximately $114,185,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Citigroup Inc. increased its position in BellRing Brands by 26.6% in the third quarter. Citigroup Inc. now owns 80,263 shares of the company’s stock worth $4,874,000 after purchasing an additional 16,887 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of BellRing Brands during the 3rd quarter valued at about $420,000. Cinctive Capital Management LP bought a new position in shares of BellRing Brands in the 3rd quarter valued at about $3,228,000. Holocene Advisors LP purchased a new position in BellRing Brands in the third quarter worth about $69,998,000. Finally, HighTower Advisors LLC increased its stake in BellRing Brands by 4.3% during the third quarter. HighTower Advisors LLC now owns 50,357 shares of the company’s stock worth $3,061,000 after acquiring an additional 2,085 shares during the last quarter. Institutional investors own 94.97% of the company’s stock.

Wall Street Analysts Forecast Growth

BRBR has been the subject of a number of recent research reports. Citigroup lifted their target price on BellRing Brands from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. TD Cowen lifted their price target on shares of BellRing Brands from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Mizuho upped their price objective on shares of BellRing Brands from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Morgan Stanley assumed coverage on shares of BellRing Brands in a research report on Monday, March 24th. They issued an “overweight” rating and a $84.00 price target for the company. Finally, Barclays lifted their price objective on shares of BellRing Brands from $79.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.13.

Insiders Place Their Bets

In other news, Director Robert V. Vitale sold 79,068 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $77.04, for a total transaction of $6,091,398.72. Following the sale, the director now directly owns 982,706 shares in the company, valued at $75,707,670.24. This trade represents a 7.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 218,636 shares of company stock worth $16,677,550. Corporate insiders own 1.07% of the company’s stock.

BellRing Brands Trading Up 0.9 %

Shares of NYSE:BRBR opened at $75.17 on Wednesday. BellRing Brands, Inc. has a twelve month low of $48.06 and a twelve month high of $80.67. The company’s 50 day moving average is $73.61 and its 200 day moving average is $71.42. The company has a market cap of $9.64 billion, a PE ratio of 35.29, a price-to-earnings-growth ratio of 2.24 and a beta of 0.85.

BellRing Brands (NYSE:BRBR) last released its quarterly earnings data on Monday, February 3rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. BellRing Brands had a negative return on equity of 130.14% and a net margin of 13.32%. Equities research analysts predict that BellRing Brands, Inc. will post 2.23 earnings per share for the current fiscal year.

BellRing Brands announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 6th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.